The soybean harvest in Argentina in 2023/24 MY may increase to 48 mln tonnes

Argentine farmers have started the soybean sowing campaign. According to the monitoring data of the Buenos Aires Grain Exchange, by November 8, the country planted the oilseed a little more than 1 mln ha, which is 6% of the plan (17.1 mln ha).

“Field work is mainly carried out in the Pampas region, where recent rainfall has increased soil moisture levels, which contributes to the active progress of the sowing season,” the experts emphasized.

The current pace of field work is faster than last year. As of the reporting date of 2022, sowing took place on the area of about 0.65 mln ha, which is 4% of the last year’s plan (16.2 mln ha).

According to the USDA forecast, Argentina will harvest about 48 mln tonnes of soybeans in 2023/24 season, which is almost twice as much as in the previous crop year (25 mln tonnes), when the drought seriously affected the gross harvest of oilseeds.

In addition, exports and processing of Argentine beans are expected to increase to 4.6 mln tonnes (4.185 mln tonnes in 2022/23 MY) and 34.5 mln tonnes (30.318 mln tonnes), respectively.

Tags: soybean, Argentina